Windstorm Tini loss estimate €245m; Dirk upped to €352m

PERILS, the Zurich-based organisation that provides catastrophe insurance data, has said its initial loss estimate for windstorm Tini is €245 million. It also upped the losses for windstorm Dirk to €352 million.

Windstorm Tini, also known as Darwin, affected Ireland and the UK on February 12 and 13, 2014. The majority of the losses occurred in Ireland and the UK.

PERILS’ market loss estimate is based on ultimate gross loss data as reported by primary insurance companies.

PERILS also disclosed its second loss estimate for windstorm Dirk which affected the UK and France from December 23 to 25, 2013. The revised estimate of the property insurance market loss is €352 million, an increase on the first loss estimate of €275 million which was issued on February 3, 2014.

This compares to the first loss estimate of €3275 million which was issued by PERILS on 3 February 2014.

In line with the PERILS reporting schedule, an updated estimate of the Tini market loss will be made available by 12 May 2014, three months after the event start date. The third loss estimate for Dirk will be published June 23, 2014.